Practice Management
Firms billing more often to combat slow-paying clients
Many law firms plan to bill and collect more frequently to combat clients taking longer to pay as they try to reduce lock-up, a report has found.
“Unstuffy” ABS hits £7m turnover in less than five years
A Yorkshire alternative business structure founded in 2019 by a solicitor and non-lawyer has grown its turnover from £500,000 in year one to £7m as it expands its range of services.
Firms “asking staff to spend more days in the office”
More than a fifth of legal professionals across the UK have been asked by their employers to spend more time in the office, but few want to return to it full-time.
Law firm extends opening hours after staff move to four-day week
A Scottish law firm has extended its opening hours after most of its staff moved to working a four-day week, the latest to experiment with this new way of working.
New ICO certification for lawyers gives “certainty” on data processing
The Information Commissioner’s Office has approved a certification scheme which it says will provide law firms, chambers and others with “certainty” when processing personal data.
KPMG Law chief: GenAI will reshape conversations about billing
Generative AI will move lawyers further away from hourly billing and into discussions with clients about the need for a commercial return on their investment in the technology.
First law firm B Corp calls in B Corp ALSP
Bates Wells, the first UK law firm to become a B Corp, has started working with alternative legal services provider Obelisk Support, while Freeths has become the largest legal B Corp.
Lawyers’ use of generative AI “accelerating quickly”
Lawyers’ use of generative AI is accelerating quickly but there is a major mismatch between in-house and private practice expectations of the impact on billing, new research has found.
Scale and pace of law firm M&A “will increase this year”
There is a “higher level of confidence” among law firm buyers and “clear signs that the scale and pace” of M&A will increase in 2024, a report has found.
Staff at employee-owned law firm receive £4,000 bonus
Employee-owned law firm Ison Harrison doubled the turnover of its commercial division last year, partly by advising other businesses on how to become employee-owned.
Blog
Accountability has to live within governance, not with one person
The assumption has long been that a COLP or COFA is personally exposed to the consequences of anti-money laundering breaches.
The SRA’s client money reforms: good intentions, questionable execution
On the face of it, the SRA’s plans to tighten protections around client money sounds sensible. The detail, as ever, tells a more complicated story.
Recruitment, retention and reward in the legal accounts world
Understanding the legal finance market is important – not just for those actively involved in it day-to-day but also for leaders within law firms.
